Kosovo's Central Bank decides on the temporary reduction of border motor liability insurance

30 June 2021 — Daniela GHETU
The Executive Board of the Central Bank of the Republic of Kosovo on the meeting held on June 24, 2021 has decided to temporarily reduce the border motor liability insurance.

This decision, taken by the CBK management, came after the review of the actuarial report dated 22 June 2021 of the Kosovo Insurance Bureau on the adequacy of border insurance tariffs from motor third party liability, and it was assessed that there is a sufficient basis for changing of tariffs of motor third party liability insurance premiums for vehicles and motorcycles for passengers.

Through this decision, the Central Bank of the Republic of Kosovo, requests from the Kosovo Insurance Bureau that on behalf of its members, licensed insurers for compulsory motor third party liability insurance, to temporarily reduce the border motor liability insurance tariffs for tariff groups of vehicles and motorcycles to 35%.

Also, by this decision it is required that the application of new border policy tariffs to be implemented from July 1, 2021 to December 31, 2021.

This decision comes together with the MoU's signing by the Kosovo Insurance Bureau and the National Bureau of Insurers in Montenegro which will considerably ease road traffic between the two countries by eliminating the border insurance necessity.